New York’s main S&P 500 index climbed to its highest in history in Thursday trading at 4,097.17 points. Technology titles, in particular, dragged him up, but assurances from the Fed that he would not let up in supporting the economy.
In addition to the S&P 500, the Dow Jones Industrial Average, which includes industrial titles, and the Nasdaq technology index also strengthened. Technology has firmed by more than a percent, and shares of Apple, Microsoft, and Amazon have dragged them up. As a result, the Nasdaq hit a seven-week high, missing about 130 points to an all-time record.
U.S. stocks rose despite unfavorable labor market data. For the second week in a row, the number of Americans applying for unemployment benefits has increased, conflicting with employment growth figures. Markets were also helped by Federal Reserve Chairman Jerome Powell’s statement Wednesday that the central bank is ready to continue to massively support the recovery of the US economy. The expected increase in the inflation rate this year is very likely to be temporary, so there is no reason to consider raising interest rates.
